At the time, he was bringing in between $25,000 and $30,000 a month from his personal real estate portfolio, he said.
"I deployed that $7 million and bought about $25 million worth of property within 10 months," he told BI.
His second fund closed at just under $24 million.
"Put 5% down," he advised (many new investors get started with FHA loans that allow you to put down as little as 3.5%).
If you maintain your current lifestyle, you can use those savings to buy a second property.
Persons:
James Berkley, syndicator, Berkley, —
Organizations:
Service, Business
Locations:
Boston, New York City, Worcester , Massachusetts, Worcester, Berkeley